§ 16-7-21. Determination and adjustment of equalized weighted assessed valuation.
On or before August 1 of each year the division of property valuation within the department of revenue shall determine and certify to the commissioner of elementary and secondary education the equalized weighted assessed valuation for each city and town in the following manner:
(1) The total assessed valuations of real and tangible personal property for each city and town as of December 31 of the third preceding calendar year shall be weighted by bringing the valuation to the true and market value of real and tangible personal property. The total assessed valuations of real and tangible personal property for all cities and towns shall be applied to the true and market valuations of the property for all cities and towns and the resulting percentage shall determine the average throughout the state. This percentage applied to the sum of the total true and market value of real and tangible personal property of each city and town shall be the equalized weighted assessed valuation of each city and town.
(2) The equalized weighted assessed valuation for each city and town shall be allocated to the particular city or town, and in the case of a regional school district that does not service all grades, except the Chariho regional high school district, the commissioner of elementary and secondary education shall apportion that proportion of the equalized weighted assessed valuation of the member cities or towns that the average daily membership serviced by the regional school district bears to the total average daily membership, and the equalized weighted assessed valuation of the member cities and towns shall be appropriately reduced.
(3) The equalized weighted assessed valuation for each community as allocated or apportioned in accordance with subsection (2) shall be adjusted by the ratio that the median family income of a city or town bears to the statewide median family income as reported in the latest available federal census data. The total state adjusted equalized weighted assessed valuation shall be the same as the total state equalized weighted assessed valuation.
(4) In the event that certified data is later determined to be incorrect, the division of property valuation, in conjunction with the commissioner of elementary and secondary education, shall inform local education agencies, the senate president, and the speaker of the house of the issue(s) within five (5) days of the determination.
History of Section.P.L. 1960, ch. 27, § 7; P.L. 1961, ch. 93, § 2; P.L. 1967, ch. 160, § 3; P.L. 1975, ch. 260, art. 4, § 2; P.L. 1980, ch. 264, § 1; P.L. 1983, ch. 134, § 1; P.L. 1988, ch. 84, § 74; P.L. 2006, ch. 246, art. 38, § 3; P.L. 2019, ch. 88, art. 9, § 1.
Structure Rhode Island General Laws
Section 16-7-1 - — 16-7-14. Repealed.
Section 16-7-15. - Statement of purpose.
Section 16-7-16. - Definitions.
Section 16-7-17. - Time of payment of state’s share of the basic program and approved expenditures.
Section 16-7-18. - Determination of mandated minimum program level.
Section 16-7-19. - Computation of standard local tax rate.
Section 16-7-19.1. - Optional incentive plan.
Section 16-7-20. - Determination of state’s share.
Section 16-7-20.1. - Annual report of number of children with disabilities receiving support.
Section 16-7-20.2. - Repealed.
Section 16-7-20.3. - Repealed.
Section 16-7-20.4. - Repealed.
Section 16-7-20.5. - Computation of regionalization bonus.
Section 16-7-20.6, 16-7-20.7. - Repealed.
Section 16-7-21. - Determination and adjustment of equalized weighted assessed valuation.
Section 16-7-22. - Determination of average daily membership.
Section 16-7-23. - Community requirements — Adequate minimum budget provision.
Section 16-7-23.2. - School deficit reduction — Maintenance of effort provision.
Section 16-7-24. - Minimum appropriation by a community for approved school expenses.
Section 16-7-25. - Minimum program required.
Section 16-7-27. - School tax rate to be identified.
Section 16-7-28. - Separate revenue and expenditure records kept by school communities.
Section 16-7-29. - Minimum salary schedule.
Section 16-7-30. - School attendance when high school not maintained by community.
Section 16-7-31. - Failure of community to furnish funds — Withholding of state funds.
Section 16-7-32. - Annual review of expenditures.
Section 16-7-33. - Evaluation of operations — Recommendations.
Section 16-7-34. - Appropriation of funds.
Section 16-7-34.1. - Repealed.
Section 16-7-34.2. - Appropriation of funds for education of children with disabilities.
Section 16-7-34.3. - Reimbursement by the state for conventional public housing students.
Section 16-7-35. - Foundation program for school housing — Declaration of policy.
Section 16-7-36. - Definitions.
Section 16-7-37. - Reports from communities.
Section 16-7-38. - Time for payments to communities.
Section 16-7-39. - Computation of school housing-aid ratio.
Section 16-7-40. - Increased school housing ratio.
Section 16-7-41. - Computation of school housing aid.
Section 16-7-41.1. - Eligibility for reimbursement.
Section 16-7-42. - Other aid for school housing projects — Effect.
Section 16-7-44. - School housing project costs.
Section 16-7-44.1. - Program restrictions.
Section 16-7-44.2. - Repayment of school housing aid.
Section 16-7-45. - Annual appropriations.